As the core technology of the value Internet, blockchain has attracted attention from various fields. The blockchain business ecology is also constantly developing, but there are still many bottlenecks in the current blockchain network.
At present, blockchain platforms represented by Bitcoin and Ethereum handle relatively small transaction volumes. At present, BTC is 7 transactions per second, and ETH is 30-40 transactions per second. Not long ago, the blockchain game CryptoKitties paralyzed Ethereum due to the sudden increase in transaction volume, which was far from meeting the transaction volume demand in the real business economy. Although EOS can achieve a processing capacity of millions per second, it will often be disconnected. How to achieve network stability while ensuring high TPS?
Odaily recently came into contact with BUMO, a commercial-grade public chain, and proposed a solution at the technical level to solve the pain points.
BUMO adopts multi-chain technology, hybrid consensus algorithm, and cross-chain protocol to ensure stable performance while achieving high TPS, improving scalability, and solving problems such as value islands.
The hybrid consensus algorithm adopted by the public chain uses a unique DPOS + Byzantine fault tolerance mechanism. On the basis of the original POS, in order to avoid the excessive centralization of EOS, a regular change and random mechanism are added. BUMO screens out 100 standing nodes through voting and algorithms among the massive nodes, and then selects the true bookkeeping nodes with its own algorithm model among the standing nodes according to the bookkeeping requirements. BUMO has 13 standing nodes and will expand in the future.
The public chain adopts multi-chain technology in software engineering. Projects such as medical care and games are unwilling to disclose sensitive data on the chain to the entire network because of the privacy data involved. In this regard, BUMO has developed a "parent chain-child chain" structure, that is, anyone can use the source code of the parent chain to build their own child chain structure. The structure of the sub-chain—the parent chain and the structure of the side chain—the main chain are different. In the structure of the side chain—the main chain, the side chain can adopt different algorithms and consensus mechanisms from the main chain, but the child chain—the parent chain developed by BUMO Structure, the consensus mechanism and underlying architecture of the child chain are the same as those of the parent chain.
In the child chain-parent chain structure, the underlying architecture of the child chain and the parent chain is the same, but the child chain can define its own accounting nodes and standing nodes. Privacy-related data is only stored on the sub-chain, and the type of information transmitted and whether it is synchronized to the parent chain are controlled by the sub-chain, which ensures the security of information and the need for privacy protection.
BUMO also proposed a cross-chain technology that is still in the research and development stage. For example, the main network uses BUMO's own consensus mechanism, and the subnet uses other mechanisms. Data and information are on the subnet, and data assets and accounts can still be circulated on the main network, thus opening up the relationship between the main network and many existing consensus mechanism networks. bridge.
At the level of ecological construction, the BUMO technical community will build a shared ecosystem and solve the current problem of excessively high application development thresholds through on-chain governance, token economy, and inter-application interconnection. The BUMO team hopes to attract more developers to join the BUMO trust ecosystem by providing API interfaces and common functions involving assets, transactions and wallets. Currently, BUMO’s technologies in exchanges, wallets, and third-party developer interfaces—that is, the developer environment and project environment have been completed.
Talking about the advantages of BUMO compared with other commercial-grade public chains, Li Sicheng said that the two criteria for measuring the current commercial-grade public chains are "usable" and "credible". "Available" means that it has been commercialized. In this regard, there are more than a dozen e-commerce projects that have cooperated with BUMO and technology has been docked, distributed in fields such as agricultural product traceability, tourism membership, and commercial property management. More than a dozen companies are in the stage of research and development and product docking, and the fields involve unmanned shopping, community e-commerce, cross-border trade, and online advertising. Dozens of others are in the early stage of cooperation, involving TV stations, brokerage companies, and shipping. On the other hand, it is "credible", which requires the performance of the public chain itself to meet the standards and the system security to be high.
BUMO's current TPS can reach 2000-3000 times/s, meeting the needs of various common application scenarios. At the same time, its safety system has been safety tested by the National Testing Center.
For now, most commercial-grade public chains on the market are still under development, and their networks are still unstable even in the testing phase. Li Sicheng said that since the launch of BUMO's own network, its performance has been stable; there are no problems with the network of the cooperative projects on the chain.
In terms of financing, BUMO has received nearly US$20 million in financing from Qifu Capital, Leading Capital, Linkvc, DT Capital, Inno Angel Fund, Dianliang Capital, and Jiuding Investment.
In terms of team, there are nearly a hundred people. There are nearly 70 people engaged in community research and development, and more than 20 people are responsible for business operations and products. Co-founder Li Sicheng is a senior Internet expert and serial entrepreneur. He graduated from the Department of Technical Physics of Peking University and MBA of Guanghua College of Peking University. In the early years, he worked in companies such as Tencent and Kongzhong. Currently in charge of the day-to-day operations of the Foundation. Co-founder Guo Qiang is an early practitioner of the blockchain and an investor in the blockchain industry. Responsible for application ecology, global community and investment.
